Core Viewpoint - The company, Anmai Biotechnology, has submitted its IPO application to the Hong Kong Stock Exchange, facing significant financial challenges, including a cumulative loss of nearly 2.4 billion RMB and a cash reserve of only 386 million RMB, sufficient for about 12 months of operation [1][5]. Financial Performance - Anmai Biotechnology reported no revenue in 2023, with a net loss of 595 million RMB, but is projected to achieve 459 million RMB in revenue and a profit of 47.68 million RMB in 2024, primarily through licensing agreements rather than product sales [2][3]. - The company has established global licensing agreements valued at over 2.1 billion USD, ranking second globally in the T-cell connector field [2]. Product Pipeline and R&D - Anmai Biotechnology has eight research pipelines, including three in clinical stages and five preclinical candidates, with the lead product, EMB-01, currently in Phase II clinical trials [3]. - The company’s R&D expenditure has decreased from 185 million RMB in 2023 to 123 million RMB in 2024, indicating a reduction in investment in its development efforts [3]. Management Changes - A significant management shake-up occurred just days before the IPO application, with seven board members resigning, including early investors and representatives from major funding sources [4]. - The CEO's compensation for 2024 was reported at 6.992 million RMB, with the top five highest-paid employees collectively earning 19.15 million RMB, which accounted for 44.59% of the company's administrative expenses [4]. Financial Structure and IPO Pressure - As of the end of 2024, Anmai Biotechnology's net debt stood at 2.344 billion RMB, largely due to 2.747 billion RMB in convertible redeemable preferred shares, which include redemption rights that could pressure the company if the IPO fails [5]. - The company has received feedback from the China Securities Regulatory Commission regarding its equity structure, emphasizing the need for clarity and compliance in its ownership and governance [6].